What is Data Science?
Data Science is a detailed study of the flow of information from the colossal amounts of data present in an organization’s repository. It involves obtaining meaningful insights from raw and unstructured data which is processed through analytical, programming, and business skills.Let's get started with our 'What is Data Science?
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Importance of Data Science: The Current Scenario
In a world that is increasingly becoming a digital space, organizations deal with zettabytes and yottabytes of structured and unstructured data every day. Evolving technologies have enabled cost savings and smarter storage spaces to store critical data.
Currently, in the industry, there is a huge need for skilled and certified Data Scientists. They are among the highest-paid professionals in the IT industry. According to Forbes, ‘the best job in America is of a Data Scientist with an average annual salary of $110,000’. Only a few people have the capability to process it and derive valuable insights out of it. Furthermore, looking at the huge and ever-increasing requirements, McKinsey has predicted that there will be a 50 percent gap in the supply of Data Scientists versus its demand in the upcoming years. That’s why in this blog we are talking about ‘What is Data Science?’ In recent years, there is a huge growth in the field of Internet of Things (IoT), due to which 90 percent of the data has been generated in the current world. Every day, 2.5 quintillion bytes of data are generated, and it is more accelerated with the growth of IoT.
This data comes from all possible sources such as:
• Sensors used in shopping malls to gather shoppers’ information
• Posts on social media platforms
• Digital pictures and videos captured in our phones
• Purchase transactions made through e-commerce
This data is known as big data.
Companies are flooded with colossal amounts of data. Thus, it is very important to know what to do with this exploding data and how to utilize it.
It is here, the concept of Data Science comes into the picture. Data Science brings together a lot of skills like statistics, mathematics, and business domain knowledge and helps an organization find ways to:
• Reduce costs
• Get into new markets
• Tap on different demographics
• Gauge the effectiveness of a marketing campaign
• Launch a new product or service
Originally Published by www.intellipaat.com on Aug 29th,2019